An email from Beacon managing director Peter Daly to close stakeholders, seen by ifa, announced the merger, explaining the transaction will take effect from 1 July.
Mr Daly said the creation of a larger $4 billion FUM entity will have a number of benefits for advisers licensed by both brands, such as increased financial security, immediate economies of scale and diverse income streams, with 54 mortgage brokers already operating within the group.
Under the terms of the agreement, Libertas will retain its branding and licence, with minimal disruption to advisers and other stakeholders, Mr Daly said.
In April 2015, Beacon acquired Risk and Investment Advisers Australia (RIAA) in a deal with similar terms.
Just goes to show that if the instos stay out of the way non aligned can provide for future needs of advisers and customers without falling into servitude with a biased stakeholder after money for its own funds.
It would be good if the underlying principles of this type of business model were better understood.
You wouldn’t need 923a and the independence argument. It would be about true independence as to who is the beneficiary of what the client invests in. Of course that wouldn’t pay for insto lobbyists and the political donations they generate.
The Bank tax is supposed to make us think the govt and banks are at war. What a con!.
Good luck Beacon, Libertas and the members of their group.
Another Adviser Owned Adviser Driven initiative by Peter Daly? Should be good to watch?
Another book of advisers ready to pedal DomaCom. what could go wrong?